So, I’ve been wondering what would happen to all the properties under contract if they didn’t close by June 30 when the tax credit expires. Then, last week, the Senate passed a bill extending the closing date until September 30 to allow all the short sales being negotiated to have the opportunity to be approved and closed. This would keep a sudden glut of properties from coming back on the market when they missed the June 30 close date. The senate did not pass the final bill with this extension in it, though, so now I’m back to wondering what will happen.
Currently there are 15,512 properties with pending or contingent offers. 11,212 are short sales and 2,689 are bank owned. There were 3,514 sales in May, of which 1,414 were bank owned. A record number of 1,039 sales were short sales. Available inventory has increased to a current amount of 11,201 – 2,377 bank owned and 4,778 short sales.
Will we see some of those 15,512 properties back on the market once the tax credit expires? We should have some idea next month.